Enabling the evolution of wealth advice in Canada
March 20, 2019
March 20, 2019
Accenture and the Investment Industry Regulatory Organization of Canada (IIROC) recently delved into advice evolution in Canada, identifying the biggest impacts to the industry.
Via a series of interviews, a survey, and a compliance roundtable with IIROC-regulated dealers and other industry participants, we explored four topics:
We identified five key themes that sum up the major changes occurring in financial advice in Canada:
"How can we work collectively with regulators on what we are trying to solve, instead of trying to interpret where the goal posts are?"
– DEALER PARTICIPANT
A red thread ran through all the interviews: A changing landscape requires a changing client experience and approach from:
We see leaders in Canada’s financial advice sector working on pieces of this puzzle, but it’s rare that a firm is moving forward on all counts. It is a massive undertaking, requiring a strong ecosystem of partners and advisors—from technology to strategy. But, most firms are becoming far more proficient at putting the client at the center of every interaction. It’s that mindset that will carry them into the New and spell continued viability.
"We are committed to facilitating innovation and accommodating new advice and service offerings to better serve the needs and wants of Canadians, without compromising investor protection or choice."
– ANDREW KRIEGLER, IIROC